09 April 2008, 9.00 am
4991-5062 zone is the critical zone for medium term uptrend
The short term support at 5100 is broken at open trade of Thursday and Nifty could not overcome the sell pressure throughout the day. The market could hold above 5050 which was the expected support for the day. The slipping is likely to continue.
The zone of 4991 to 5062 is very crucial for medium term. Nifty need to find a foot in this seventy points layer to maintain the uptrend in medium term. correction up to 4991 can be considered healthy.
On upside, holding above 5100 can give strength to test 5145 and 5160.
The inflation figure announced today at noon can influence the market sentiment. The crude oil price hike is the main threat to control inflation.
US markets recovered a bit on Thursday. Dow could add 52 points and also other US indices are in green. But response from Asian peers are not so good. All they are extending losses in this morning. Nikkei has a loss of 127 points and HSI lost 240 in early session.
4991-5062 zone is the critical zone for medium term uptrend
The short term support at 5100 is broken at open trade of Thursday and Nifty could not overcome the sell pressure throughout the day. The market could hold above 5050 which was the expected support for the day. The slipping is likely to continue.The zone of 4991 to 5062 is very crucial for medium term. Nifty need to find a foot in this seventy points layer to maintain the uptrend in medium term. correction up to 4991 can be considered healthy.
On upside, holding above 5100 can give strength to test 5145 and 5160.
The inflation figure announced today at noon can influence the market sentiment. The crude oil price hike is the main threat to control inflation.
US markets recovered a bit on Thursday. Dow could add 52 points and also other US indices are in green. But response from Asian peers are not so good. All they are extending losses in this morning. Nikkei has a loss of 127 points and HSI lost 240 in early session.
Nifty May 2008 futures were at 5093, at a premium of 11.30 points as compared to spot closing of 5081.70.
The NSE's futures & options (F&O) segment turnover was Rs 28,943.79 crore, which was lower than Rs 33,563.90 crore on Wednesday, 7 May 2008.
NSE market breadth was weak. Advances : Declines was 383:798
FIIs were net sellers for 724 crores in capital segment
NYMEX crude oil price is holding strong - $ 123.69 a barrel.
Indian ADRS closed mixed at NYSE with a negative breadth.